Bitcoin (BTC) price has hit a massive spike towards $100,000 on its Quarterly Futures chart.
The report stated:
“Based on community feedback and also consideration of future user trading experience, Binance will make an adjustment to the K-line of the BTCUSD 0925 Quarterly Futures contract at 2020/08/02 12:00 PM (UTC).”
However, Bitcoin price is currently trading at $11,103 but this incident did cause the entire market to shake.
According to Binance, as Futures uses the marked price for liquidations and other calculations, no one was actually liquidated when Bitcoin touched $99,964. On the spot market, there was a large fluctuation in price.
It has been analyzed that in less than 1 hour, Bitcoin went from a high of $12,123 to $10,518 before quickly recovering above $11,000. Ethereum price also got affected dropping from $415 to $325 in the same time frame. Other major coins suffered the same price action.
As per the report, the daily uptrend will basically remain intact unless the bears can drop Bitcoin price below $9,440. However, this rejection doesn’t have a lot of trading volume behind it which indicates that bears are not strong but rather bots got triggered to sell, especially after the ridiculous spike to $100,000 on Binance’s quarterly Futures.
The RSI has now cooled off significantly and bulls wouldn’t mind seeing further consolidation while defending the daily 12-EMA before the next leg up.
According to the report, Bitcoin is heavily bullish on the weekly chart as it is in a strong uptrend and way above both EMAs which are crossed bullishly.
Bitcoin is also seeing a significant increase in trading volume and the RSI is not yet overextended.
Moreover, the monthly chart is also bullish for the Bitcoin price as the buyers have been able to keep BTC above both EMAs and have created a higher low at $3,782 compared to $3,156, the low of December 2018.
The high is $13,970 which means that the monthly chart is currently inside an equilibrium pattern unless the bulls can crack this resistance level.
Thus, the report said that Bitcoin price can easily reach $20,000 again and perhaps hit a new all-time high.